<SEC-DOCUMENT>0001140361-19-018252.txt : 20191009
<SEC-HEADER>0001140361-19-018252.hdr.sgml : 20191009
<ACCEPTANCE-DATETIME>20191009172524
ACCESSION NUMBER:		0001140361-19-018252
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191007
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20191009
DATE AS OF CHANGE:		20191009

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			USA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000896429
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				232679963
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		191144966

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
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<DESCRIPTION>8-K
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        <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"><font style="font-size: 14pt;">SECURITIES AND
          EXCHANGE COMMISSION</font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
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      <div style="text-align: center; color: #000000;">Current Report Pursuant to Section 13 or 15(d) of</div>
      <div style="text-align: center; color: #000000;">The Securities Exchange Act of 1934</div>
      <div><br>
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      <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported): October 7, 2019</div>
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      <div style="text-align: center; color: #000000;"><font style="font-size: 24pt; font-weight: bold;">USA TECHNOLOGIES, INC</font><font style="font-size: 24pt;">.</font></div>
      <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>
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              <div style="text-align: center; color: #000000;">Pennsylvania</div>
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              <div style="text-align: center; color: #000000;">001-33365</div>
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              <div style="text-align: center; color: #000000;">232679963</div>
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              <div style="text-align: center; color: #000000;">(State or other jurisdiction of incorporation or organization)</div>
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              <div style="text-align: center; color: #000000;">(Commission File Number)</div>
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              <div style="text-align: center; color: #000000;">(I.R.S. Employer Identification No.)</div>
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      <div style="text-align: center; color: #000000;">100 Deerfield Lane, Suite 300</div>
      <div style="text-align: center; color: #000000;">Malvern, Pennsylvania 19355</div>
      <div style="text-align: center; color: #000000;">(Address of principal executive offices and zip code)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">Registrant&#8217;s telephone number, including area code: 610-989-0340</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">n/a</div>
      <div style="text-align: center; color: #000000;">Former name or former address, if changed since last report</div>
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    <div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
      <div style="text-align: justify; color: #000000;"> <br>
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                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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                <div style="text-align: left;"><font style="font-family: 'Segoe UI Symbol',sans-serif; color: rgb(0, 0, 0);">&#9744;</font></div>
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              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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                <div style="text-align: left;"><font style="font-family: 'Segoe UI Symbol',sans-serif; color: rgb(0, 0, 0);">&#9744;</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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                <div style="text-align: left;"><font style="font-family: 'Segoe UI Symbol',sans-serif; color: rgb(0, 0, 0);">&#9744;</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
              </td>
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      <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
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              <div style="text-align: center; color: #231F20;">Title of each class</div>
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              <div style="text-align: center;">Trading <br>
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              <div style="text-align: center; color: #231F20;">Symbol(s)</div>
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              <div style="text-align: center; color: #231F20;">Name of each exchange on which registered</div>
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            <div>
              <div style="color: #000000;">Common Stock, no par value</div>
            </div>
          </td>
          <td style="width: 12.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="text-align: center; color: #000000;">USAT</div>
            </div>
          </td>
          <td style="width: 36.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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          <td style="width: 50.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
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              <div style="color: #000000;">Series A Convertible Preferred Stock, no par value</div>
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              <div style="text-align: center; color: #000000;">USATP</div>
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          <td style="width: 36.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
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              <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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          </td>
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      <div style="text-align: justify; color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
        of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div><br>
      </div>
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    <div>
      <div style="text-align: right; color: #000000;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    </div>
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      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
        provided pursuant to Section 13(a) of the Exchange Act.&#160; <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Item </font><font style="font-weight: bold; color: rgb(0, 0, 0);">4.02</font></div>
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                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.</font></div>
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      <div style="text-align: justify; color: #000000;">(a) On October 7, 2019, the Board of Directors (the &#8220;Board&#8221;) of USA Technologies, Inc. (the &#8220;Company&#8221;), upon the recommendation of the Audit Committee of the Board (the &#8220;Audit Committee&#8221;), and
        following discussions with management, determined that the following financial statements previously issued by the Company should no longer be relied upon: (1) the audited consolidated financial statements for the fiscal year ended June 30, 2015;
        (2) the audited consolidated financial statements for the fiscal year ended June 30, 2016; and (3) the unaudited consolidated financial statements for the fiscal quarters and year-to-date ended September 30, 2016, December 31, 2016, and March 31,
        2017. Similarly, related press releases, earnings releases, and investor communications describing the Company&#8217;s financial statements for these periods should no longer be relied upon.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (the &#8220;2019 Form 10-K&#8221;), which has been previously filed on the date hereof, contains restatements of (i) the Company&#8217;s selected
        financial data as of and for the fiscal year ended June 30, 2015 in Item 6 thereof; (ii) the Company&#8217;s selected financial data as of and for the fiscal year ended June 30, 2016 contained in Item 6 thereof; and (iii) the Company&#8217;s unaudited
        consolidated financial statements for the fiscal quarters and year-to-date ended September 30, 2016, December 31, 2016, and March 31, 2017, in Note 20, &#8220;Unaudited Quarterly Data&#8221; of the Notes to Consolidated Financial Statements, located in Item 8
        thereof. The Company has not filed and does not intend to file amendments to any of its previously filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q for the periods affected by the foregoing restatements of its consolidated
        financial statements.</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The determination of the Board to restate the above-referenced financial statements was based upon significant financial reporting issues which were identified during the audit process and which
          were not related to the previously completed Audit Committee internal investigation. These financial reporting issues resulted in further adjustments to the Company&#8217;s previously issued or prior years&#8217; unissued financial statements, and related to
          revenue recognition, deferred income tax accounting, sales tax reserves, reserves for bad debts, inventory reserves, sale-leaseback accounting, balance sheet classification of preferred stock, and other matters.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Additional information regarding the aforementioned restatements and adjustments is contained in the 2019 Form 10-K, including in the Explanatory Note, Item 6, &#8220;Selected Financial Data,&#8221; Item 7,
        &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; Note 2, &#8220;Restatement of Consolidated Financial Statements&#8221; and Note 20, &#8220;Unaudited Quarterly Data&#8221; of the Notes to Consolidated Financial Statements in Item 8,
        and Item 9A, &#8220;Controls and Procedures&#8221;.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Audit Committee has discussed the matters disclosed pursuant to this Item 4.02(a) with the Company&#8217;s former independent auditor, RSM US LLP, and current independent auditor, BDO USA LLP.</div>
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      <div style="text-align: center; color: #000000;">SIGNATURES</div>
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      <div style="text-align: justify; color: #000000;">Pursuant to the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">USA TECHNOLOGIES, INC.</td>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
          <td colspan="1" rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 37%; vertical-align: top;">&#160;</td>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
          <td colspan="1" rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 37%; vertical-align: top;">&#160;</td>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">Dated: October 9, 2019</td>
          <td colspan="1" rowspan="1" style="width: 3%; vertical-align: top;">By: </td>
          <td rowspan="1" style="width: 37%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;"><u>/s/ Stephen P. Herbert</u> <br>
            </div>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
          <td colspan="1" rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 37%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Stephen P. Herbert,&#160;&#160;&#160;&#160;&#160; <br>
            </div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
          <td colspan="1" rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 37%; vertical-align: top;">Chief Executive Officer</td>
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